Don't use ai given answer accounting questions The following information is reported for Blake Industries at the end of 2024.CashAccountAmount$15,000Accounts Receivable $32,000Inventory$18,000Equipment$195,000Accounts Payable$24,000Common Stock$150,000Retained Earnings?a. Compute the amount of retained earnings at the end of 2024.b. If the amount of retained earnings at the beginning of 2024 was $45,000, and $20,000 incash dividends were declared and paid during 2024, what was its net income for 2024?

Step 1: Definition of Retained EarningsRetained earnings represent the cumulative net income of a…

Answered: The following information is reported…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter12: Fainancial Statement Analysis

Section: Chapter Questions

Problem 54CE

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Prince Corporations accounts provided the following information at December 31, 2019: What should be the current balance of retained earnings? a. 520,000 b. 580,000 c. 610,000 d. 670,000
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